China to im­port record 13m tons of US soy­beans

China Daily (Canada) - - NEWS CAPSULE -

Mem­bers of a trade del­e­ga­tion from China, the world’s top soy­bean im­porter, signed agree­ments to buy a record 13.18 mil­lion met­ric tons of the oilseed worth around $5.3 bil­lion from US ship­pers af­ter an­nual ne­go­ti­a­tions.

US in­dus­try rep­re­sen­ta­tives and mem­bers from the Chi­nese del­e­ga­tion an­nounced the agree­ments on a con­fer­ence call af­ter talks in Des Moines, Iowa. US ship­pers out­lined in 24 agree­ments in­cluded Archer-Daniels-Mid­land Co, Cargill Inc and Louis Drey­fus Group. The car­goes are set for de­liv­ery by Aug 31, ac­cord­ing to the US Soy­bean Ex­port Coun­cil.

China will im­port a record 79 mil­lion tons from around the world in the year that be­gan Oct 1, the US Depart­ment of Agri­cul­ture said. The coun­try’s to­tal de­mand has soared 35-fold since 1997 as the econ­omy boomed. As of Sept 17, US sales to the Asian na­tion in the 12 months end­ing Aug 31 were 55 per­cent be­hind the pace a year ear­lier, agency data showed.

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